Use One of Our Custom Indicators to Help You Find Entries and Exits
The simplest way to trade the Renko Charts is to Buy and Sell on the Color Changes…but since these charts are time-based, many traders prefer to set a specific profit target (30 pips seems to work best) and then “set and forget” their trade. Others prefer a bit more confirmation before they trade, so they include one or more indicators to help them decide to get into any specific trade.
Over the past few years, I’ve relied upon the Heiken Ashii candles (2,6,3,2 settings), the Slope Direction Lines (34,2,0 and 9,3,0 settings), simple Support and Resistance lines and of course, the Anniversary Trade (which is a moving average crossover trade, for those of you who never read my book).
Obviously, there are dozens of other indicators, with a myriad of settings you could use, but I want to keep this shorter than a Tom Clancy novel, so lets just look at the indicators I’ve mentioned.
- HEIKEN ASHII SMOOTHED
- SLOPE DIRECTION LINES
- SLOPE DIRECTION LINES
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